Tether has set a new monthly record by issuing $9 billion in USDT throughout September, according to Arkham Intelligence. At the time of writing, the stablecoin’s market capitalization surpassed $173.5 billion, based on data from CoinMarketCap.
Despite ongoing market corrections, the demand for USDT remains strong. Data from CryptoQuant shows that reserves of ERC-20 USDT on exchanges climbed from 43B to 48B, marking an all-time high. Analysts say this accumulation reflects traders and institutional players stockpiling liquidity in anticipation of market opportunities.
Crypto analyst Maartunn noted:
“Prices are falling, yet Tether continues to mint new USDT. Over the past weeks, issuance has accelerated sharply.”
Meanwhile, BitBull investor highlighted the scale of the inflows:
“They’ve already minted $8B this month alone—with days still left in September. It signals that whales are preparing massive liquidity to buy assets during dips before a larger rally.”
Additional on-chain data shows that net inflows of USDT to exchanges reached their highest level since April, underlining renewed investor appetite for stablecoins as a safe haven and dry powder for upcoming trades.
Historically, large-scale Tether issuance has preceded major Bitcoin rallies—similar activity was observed in early 2023 and late 2024. Market statistics from CoinGlass further reveal that October has traditionally been Bitcoin’s strongest month, with an average 21.9% gain, while Q4 overall delivers an 85.4% average return.
With liquidity piling up, the key question remains: when will investors deploy their USDT reserves? For now, the market seems to be in an accumulation phase, potentially setting the stage for the next big crypto breakout.
